Tyre major MRF Ltd on Thursday reported consolidated net profit of Rs 588.75 crore for the first quarter of FY24 as compared with Rs 123.60 crore in the corresponding period last fiscal, registering a growth of 376%.
Revenue from operations was at Rs 6,440.29 crore as compared to Rs 5,695.93 crore, posting an increase of 13%. Taking the cue from the robust earnings, the shares of MRF hit the 52-week high of Rs 1,07,500 on the BSE in Thursday’s intra-day trade.
Mammen has been on the board and management of MRF for over four decades and has rich experience in various areas of operations for the company. Since 2003, when he took over as the CMD of the company, he has been the driving force behind the growth of the company.
The board has also approved the re-appointment of Vimla Abraham as independent women director for a second term of five years commencing from February 5, 2024.
Earlier, in a message to the shareholders of the company, Mammen said in FY23, the company had recorded an all-time high consolidated total income of Rs 23,261 crore, which is an increase of Rs 3,627 crore over the previous year.
This huge increase in consolidated total income reveals the strength of MRF and its products, he added.
MRF had previously said that it is betting big on export markets to boost its sales volume. In the annual report of the company, it said exports business during FY23 was muted due to unexpected headwinds seen in key markets of Indonesia (due to the sudden suspension of quotas by the Ministry of Trade and Industry since September 2022) and Bangladesh (unprecedented forex crisis since August 2022) and a few countries of Africa.
Shares of MRF had crossed the Rs 1 lakh-mark in mid-June, becoming the first Indian company to achieve the milestone.